Established in 1968, UMH Properties, Inc. operates as a publicly traded equity real estate investment trust (REIT). Its primary business involves the ...
UMH Properties, Inc. is a residential equity real estate investment trust, or REIT, focused primarily on manufactured housing. The company was founded in 1968 by Eugene W. Landy and became publicly traded in 1985. Samuel A. Landy serves as president and chief executive officer and has also held a long-term ...UMH Properties, Inc. is a residential equity real estate investment trust, or REIT, focused primarily on manufactured housing. The company was founded in 1968 by Eugene W. Landy and became publicly traded in 1985. Samuel A. Landy serves as president and chief executive officer and has also held a long-term leadership role as chairman. The company is headquartered in Freehold, New Jersey, and its shares trade on the New York Stock Exchange under the ticker UMH.
UMH’s core business is the ownership, development, acquisition, and operation of manufactured-home communities. In a typical community, UMH owns the underlying land and infrastructure while residents own or rent manufactured homes located on leased sites. This land-lease model generates recurring site-rental income and allows residents to access housing at a lower cost than many conventional site-built alternatives. The company also sells manufactured homes, provides financing-related services in connection with home sales, and manages community operations. Its property portfolio is concentrated in the Midwest, Mid-Atlantic, and Southeast regions, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, and Maryland. Recent company materials describe approximately 145 communities and 27,100 developed homesites, although older financial data may cite 124 communities and approximately 23,400 homesites because portfolio counts change through acquisitions, expansions, dispositions, and redevelopment.
The company’s operating strategy centers on increasing occupancy, improving communities, developing vacant sites, acquiring additional manufactured-housing assets, and expanding the number of homes available for sale or rental. UMH owns substantial land suitable for additional site development, which can provide internal growth opportunities when infrastructure and market conditions support construction. Its revenue base is influenced by monthly site rents, occupancy levels, home sales, rental-home income, utility reimbursements, and ancillary community services.
As a REIT, UMH generally distributes a significant portion of taxable income to shareholders and is evaluated using real-estate measures such as funds from operations, adjusted funds from operations, occupancy, same-community net operating income, leverage, and dividend coverage in addition to conventional earnings. The supplied market data identifies UMH as a residential REIT with approximately 540 full-time employees. Reported trailing financial metrics show substantial real-estate assets, meaningful debt financing, and ongoing capital expenditures for acquisitions, home placements, community improvements, and new-site development. Key risks include interest-rate changes, refinancing requirements, construction and infrastructure costs, local housing demand, regulatory requirements, property taxes, insurance costs, and the affordability and availability of manufactured homes. Overall, UMH’s investment proposition is tied to recurring rental income, the long-term demand for attainable housing, portfolio expansion, and the company’s ability to improve occupancy and operating performance across its communities.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$261.8M
+8.8%
+8.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$26.5M
+22.5%
+23.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+3.9%
-92.9%
+63.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+17.4%
-1.4%
+7.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+10.1%
+12.6%
+13.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$82.0M
+0.5%
-270.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+31.3%
-7.7%
-256.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
84.1%
+25.0%
+4.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
12.28x
+9.7%
-84.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning and welcome to UMH Properties Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. It is now my pleasure to introduce your host, Mr. Craig Koster, Executive Vice President and General Counsel.
Craig Koster: Thank you very much, operator. In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited second quarter supplemental information presentation. This supplemental information presentation, along with our 10-Q, are available on the company's website at umh.reit. We would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements that we make on this call are based on our current expectations and involve various risks and uncertainties. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's second quarter 2026 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements. In addition, during today's call, we will be discussing non-GAAP financial metrics. Reconciliations of these non-GAAP financial metrics to the comparable GAAP financial metrics as well as the explanatory and cautioning language are included in our earnings release, our supplemental information and our historical SEC filings. Having said that, I would like to introduce management with us today: Eugene Landy, Founder and Chairman; Samuel Landy, President and Chief Executive Officer; Kevin Miller, Executive Vice President and Chief Financial Officer; Brett Taft, Executive Vice President and Chief Operating Officer; Jim Lykins, Vice President of Capital Markets; and Daniel Landy, Executive Vice President. It is now my pleasure to turn the call over to UMH's President and Chief Executive Officer, Samuel Landy.
Samuel Landy: Thank you, Craig, and good morning, everyone. We are pleased to report another strong quarter that was highlighted by operational performance and growing normalized FFO per share. Normalized FFO per share for the second quarter of 2026 was $0.25 per share as compared to $0.23 per share last year, representing an increase of 9%. Our performance is a testament to the foundation we have laid over the past few years. Investments that we have made in value-add acquisitions and expansions are starting to positively impact the bottom line. We anticipate continued earnings growth throughout the remainder of the year. We are maintaining our normalized FFO guidance range at $0.98 to $1.04 per share, …
